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New Member
posted Feb 27, 2023 2:43:51 PM

Sold our house that had been rental for some. demolished and rebuilt but we are penalized for profit after declaring principal residence?

had appraisal done when it became principal residence. Does this help?

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Moderator
Mar 17, 2023 12:28:30 PM

If your property was not your principal residence the entire time you owned it, then you will have to pay capital gains tax for the time it wasn't your principal residence.